$W NOTE: please read thia every one it from coin market cap

Wormhole Airdrop Attracts Scammers as Native Governance Token Launches

The highly anticipated $850 million airdrop event by cross-chain bridging platform Wormhole has drawn the attention of crypto scammers. The platform recently released its native governance token, W, leading to a surge in fraudulent activities.

Blockchain investigator ZachXBT pointed out that the official announcement of the airdrop on X was bombarded by numerous convincing scam accounts, some even sporting "gold checkmarks" to appear legitimate. Additionally, the official X account of Wormhole founder Robinson Burkey was compromised, with the founder posting malicious links to suspected wallet-draining sites hours after the airdrop was revealed. Burkey's account has since been made private to mitigate further damage.

The W token was officially launched on April 3 on the Solana-based decentralized exchange, OpenBook, with an initial price of $1.66. However, the token's price has dipped and is currently trading at $1.21, with a market capitalization of $2.17 billion. W also launched on the top centralized exchanges like Binance, OKX and Bybit, and saw over $1.58 billion in trading volume in its first day, making it the 12th most traded token.

As part of the airdrop, Wormhole allocated 674 million tokens, equivalent to 6.75% of the total supply, to eligible participants. This puts the total value of the airdrop at $896 million for those who met the airdrop requirements. While the W token is currently available only on the Solana network, Wormhole plans to make it accessible on the Ethereum network as an ERC-20 token and other layer-2 networks in the future.

$W READ :Starting with a price of $1.61 at launch on March 3, 2024, Wormhole (W) price closed at $1.3149. It is currently trading at $1.18, a decrease of 29.61% from its all-time high. The price decline has pushed down it market valuation from $3 billion to $2.23 billion, positioning it at 207th in the market, according to CoinMarketCap.
Wormhole also recorded a trading volume of $1.71 billion in the past 24-hours. Out of a total supply of 10 billion W, the token has 1.8 billion W in circulation.

reasons contributed to price decline of Wormhole.

1. Phishing Scam
Crypto scammers, hackers, and meme-coiners have targeted the $850 million airdrop event by Wormhole, a cross-chain bridging platform that launched its governance token (W). The airdrop announcement faced scam accounts with “gold checkmarks,” as noted by blockchain sleuth ZachXBT.

Founder Robinson Burkey’s account was also attacked with malicious links post-airdrop announcement, leading to its privatization.
The presence of scams and hacking attempts in combination with the subsequent privatization of the founder’s account, could have created negative sentiment around the project and its token. Investors may have doubted the legitimacy or become cautious of the potential security risks of the project, leading them to sell off their holdings.
The W token debuted at $1.66 on OpenBook DEX with a market cap of $2.98 billion, now trading at $1.13 after over 20% drop. 674 million tokens were allocated for the airdrop, valuing it at $896 million for eligible users. Wormhole plans to expand the W token to the Ethereum network and other layer-2 networks in the future.
Spoof Token “warmhole”

A spoof token called “warmhole” emerged immediately after the launch of Wormhole’s token airdrop. This may have contributed to the price decline of the token. Some memecoin developers seized the opportunity to create the parody token. The spoof token gained a significant 83,000% within six hours of its launch, rising from a market cap of $100,000, recording a peak of $8.3 million in market value.

$DOGS follow me not financial advice

$DOGS if btc doesn’t dump it will surely pump watch $BTC

$DOGS bullish flag if btc do something it will pump

$DOGS im bullish if it form triple top and $BTC up it will pump 💯

$DOGS what do you think

$DOGS hold is my suggestion if you got from airdrop nothing to loose just hold🔫

$W 😂 your coon doing great🤣🤣@Wormhole @Binance

$W i hope nex year this coin can reach 5$

$W im playing margin with this coin and lost 170coin which i bought at 1.1

$W i think new low is comming😅

$W do you guys still think this coin can pump😂😂

$W delisted soon

$W looks bullish

$W 😂😂😂btc will crash and this coin will go to meme coin price 0.001

$JTO sell or hold

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$JTO what are your suggestions right now on jto$SOL

$W sometimes loss sometimes gain but
Over all its a lost 😅 but never give up guys believe in God